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It all started with a Kickstarter campaign.
Oculus VR, a VR company based out of Long Beach, CA, had a dream to create a totally immersive gaming experience. The founder, Palmer Luckey, was an avid student of VR technology and would frequently post about this idea he had on various internet forums, specifically one called MTBS3D. He had a vision to transform VR technology from a failed 80s fad into a modern day gaming innovation. At first he was just like any other poster on the forums and wasn't taken seriously, but he asked for advice and followed the advice he got. He failed again, and again, and again, but over the course of time, he thought he had finally figured it out.
He had built a prototype dubbed the "Oculus Rift". He realized it wasn't perfect, but he didn't care. It was good enough for him to go out into the world and gauge interest. He looked at every possible method he could validate and landed on the most relevant platform to reach potential buyers.
It all started with a Kickstarter campaign.
In 30 days, Palmer raised $2.5 million for his project. His original goal? $250,000
The Oculus Rift took off like a rocket. It was written about by every single gaming website, journalist, tech website, CNN, Forbes, and more. It was voted most best new technology at this years E3 (gaming convention) and the reporters who try it out have reported that "They've never experienced anything like it in their lives. it is beyond words".
Instead of resting on their success, Palmer and the now CEO Brandon Iribe (serial entrepreneur who sold his company Scaleform for $36mm and Gaikai for $360mm), were determined to do even better. They invested their own money and kept going.
The fulfilled their promise of shipping the prototypes out to the Kickstarter backers and continued full speed ahead on working towards a consumer market model. They were very public and open about all of their successes and failure, and they hid nothing from anyone. They had super unexpected customer service and the founder, Palmer, got personally involved with the community. He was there to answer any and all questions and be totally transparent with his intentions. The reward for this honesty?
Oculus VR says plans won't change, as it raises $16 million in venture capital for its virtual reality dreams | The Verge
They received an additional $15 million in Series A funding from VC groups Spark Capital and Matrix Partners; making Oculus VR a company with a grand total of $45 million in liquidity.
They're now working towards a consumer market model, and are in talks with Sony to bring this technology to their consoles. The company is voted most likely to revolutionize the future of entertainment.
It all started with a Kickstarter campaign.
Lessons to be learned:
Hope you guys took as much from this as I did.
- WT
Oculus VR, a VR company based out of Long Beach, CA, had a dream to create a totally immersive gaming experience. The founder, Palmer Luckey, was an avid student of VR technology and would frequently post about this idea he had on various internet forums, specifically one called MTBS3D. He had a vision to transform VR technology from a failed 80s fad into a modern day gaming innovation. At first he was just like any other poster on the forums and wasn't taken seriously, but he asked for advice and followed the advice he got. He failed again, and again, and again, but over the course of time, he thought he had finally figured it out.
He had built a prototype dubbed the "Oculus Rift". He realized it wasn't perfect, but he didn't care. It was good enough for him to go out into the world and gauge interest. He looked at every possible method he could validate and landed on the most relevant platform to reach potential buyers.
It all started with a Kickstarter campaign.
In 30 days, Palmer raised $2.5 million for his project. His original goal? $250,000
The Oculus Rift took off like a rocket. It was written about by every single gaming website, journalist, tech website, CNN, Forbes, and more. It was voted most best new technology at this years E3 (gaming convention) and the reporters who try it out have reported that "They've never experienced anything like it in their lives. it is beyond words".
Instead of resting on their success, Palmer and the now CEO Brandon Iribe (serial entrepreneur who sold his company Scaleform for $36mm and Gaikai for $360mm), were determined to do even better. They invested their own money and kept going.
The fulfilled their promise of shipping the prototypes out to the Kickstarter backers and continued full speed ahead on working towards a consumer market model. They were very public and open about all of their successes and failure, and they hid nothing from anyone. They had super unexpected customer service and the founder, Palmer, got personally involved with the community. He was there to answer any and all questions and be totally transparent with his intentions. The reward for this honesty?
Oculus VR says plans won't change, as it raises $16 million in venture capital for its virtual reality dreams | The Verge
They received an additional $15 million in Series A funding from VC groups Spark Capital and Matrix Partners; making Oculus VR a company with a grand total of $45 million in liquidity.
They're now working towards a consumer market model, and are in talks with Sony to bring this technology to their consoles. The company is voted most likely to revolutionize the future of entertainment.
It all started with a Kickstarter campaign.
Lessons to be learned:
- The perfect time is NOW. It will always be NOW
- Stop thinking, start doing. Your prototype is good enough to validate your idea.
- Take the advice you're given and IMPLEMENT it
- Superior customer service WORKS. Get involved in your Community
- Part of being a good leader is building the right team.
- Do it on your own first, and then VCs will come knocking. If you chase money at the beginning you're chasing event while ignoring process -aka- you will fail.
- CENTS. Need, Entry, Control, Scale, Time. Palmer satisfied all of them. Fastlane business.
- Stop thinking, start doing. Your prototype is good enough to validate your idea.
- Take the advice you're given and IMPLEMENT it
- Superior customer service WORKS. Get involved in your Community
- Part of being a good leader is building the right team.
- Do it on your own first, and then VCs will come knocking. If you chase money at the beginning you're chasing event while ignoring process -aka- you will fail.
- CENTS. Need, Entry, Control, Scale, Time. Palmer satisfied all of them. Fastlane business.
Hope you guys took as much from this as I did.
- WT
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